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10.17.11

Dow Plummets on Europe Fears

Mark Lennihan / AP Photo

Perhaps Europe’s plan to avoid a market meltdown was greatly exaggerated. U.S. stocks fell sharply Monday on fears that Europe’s debt negotiations were stalling. The Dow plummeted 247 points, after vaulting 166 points on Friday. The S&P’s 500-stock index dropped 24 points, and the NASDAQ tumbled 54 points. News that a deadline for a euro-zone plan was set for Oct. 23 first inspired confidence in markets, but after a representative of Germany’s Angela Merkel said there was little hope to solve all the debt problems by that date, European stocks immediately fell.